CUNA President/CEO Jim Nussle joined with National Credit Union Foundation Executive Director Gigi Hyland Wednesday to ask the Consumer Financial Protection Bureau (CFPB) to work with credit unions to empower consumers with financial knowledge. Nussle and Hyland wrote to CFPB Director Richard Cordray in recognition of National Financial Literacy Month.
“The credit union mission to serve the community they exist in has been unshaken and credit unions have continued throughout the financial crisis and in the years following to prioritize service to members above all else,” the letter reads. “Moving forward, we hope the CFPB will work with credit unions so they can continue to dedicate resources to this good work.”
Nussle and Hyland thanked Cordray for his participation last year in a credit union financial reality fair in Dallas and pointed out that in 2016 more than 85,000 youth attended such events. Financial reality fairs are an interactive financial literacy tools for high school students, allowing them to identify their career choice and starting salaries then complete a budget requiring them to live within their monthly salary while paying for necessities.
“We strongly encourage you and your staff to attend more of these events, visit more credit unions, and continue to learn about the many resources credit unions provide to their communities,” the letter reads. “We are certain this exposure would highlight the credit union difference to you, and how our work differs from that of for-profit financial services providers.
“Ideally, this difference is something the CFPB considers on a constant basis,” Nussle and Hyland added.